Notes to the Consolidated Financial Statements

 22. Financial liabilities

€ 000

2013
Fair values

2012
Fair values

2013
Balance sheet
values 

2012

Balance sheet
values

Non-current

 

 

 

 

   Bank loan

12,000

12,500

12,000 12,500

   Finance lease liabilities

742

514

742

514

  Total

12,742 13,014 12,742 13,014

 

 

 

 

 

Current

 

 

 

 

   Bank loan

3,500 6,000 3,500 6,000

   Finance lease liabilities

641 797 641 797

  Total

4,141 6,797 4,141 6,797

Total

16,883 19,811 16,883 19,811
         

 

On 19 December 2013, Digia revised its three-year loan arrangements, replacing the company’s old loan portfolio totalling EUR 15 million. The total sum of the new loan was EUR 25 million, of which the company withdrew EUR 15 million. The loan agreement continued to be financed by Nordea Bank and Pohjola Bank.

The loan covenants related to the company’s solvency and liquidity comprised the following key figures: operating profit before depreciation and amortisation (EBITDA) in relation to net debt, equity ratio and net gearing. The company fulfilled the set loan covenants in 2013. The maximum and minimum values specified in the loan covenants, and the realised figures on 31 December 2013 were:


 

Covenant
value

Realised
value

Net debt / EBITDA, max.

2.5

1.5

Solvency, min.

35% 50%

Net gearing, max.

60%  29%
     

 

During the financial year, the company repaid EUR 3.0 million in loans, reducing its interest-bearing liabilities to EUR 15.5 million at the year-end. The loans have floating interest rates tied to Euribor, plus a margin. The average interest rate of the loans in 2013 was 2.2% (2.9% in 2012). The shares of Digia Finland Ltd are pledged as collateral for the loans. On 31 December 2013, the book value of pledged shares was EUR 111.5 million.

Additionally, the company had EUR 0.5 million in re-borrowing of pension contributions at a fixed interest rate of 2.8% at the year-end.

The effective interest rate on finance lease liabilities during the fiscal year was 3.40% (4.25%).

Interest-bearing liabilities fall due as follows:

Year, € 000 2013 2012
2014 4,141 12,853
2015 3,394 97
2016 9,297 64
2017 51 -
Later - -
Total 16,883 13,014
     


The tables below describe agreement-based maturity analysis results for 2013 and the 2012 comparison period. The figures are undiscounted and include interest payments and the repayment of loan capital:


€ 000

31.12.2013

Balance sheet values

Cash flow

Less than 1 year

1–2 years

2–5 years

Bank loans

15,500 16,217

3,804

3,238 9,174

Finance lease liabilities

1,383

1,383

 641

 394

 348

Accounts payable and other liabilities

3,821 3,821 3,821 0 0

Total

20,704 21,421 8,266 3,632 9,523
           

€ 000

31.12.2012

Balance sheet values

Cash flow

Less than 1 year

1–2 years

2–5 years

Bank loans 

18,500

19,166

6,428

12,738 0

Finance lease liabilities

1,311 1,311 797 353 161

Accounts payable and other liabilities 

2,189 2,189 2,189 0 0

Total

22,000 22,666 9,414 13,091 161